The fund seeks capital appreciation in the long term by investing in companies outside the United States.

The investment process starts with a list of companies in the benchmark index and the research team utilizes quantitative techniques and fundamental analysis to identify investment opportunities.

Next, the research team invests in foreign (including frontier and emerging markets) and domestic common stocks.

The team favors companies that are estimated to trade below their fair values.

The research process is driven by fundamental analysis of one stock at a time. In selecting securities for the portfolio, the research team focuses on well-capitalized companies that are facing near term challenges.

In addition, the team favors companies that are trading at significant discounts to their estimated intrinsic value.

Also, the team prefers companies with balance sheet strength, high quality business models and shareholder-friendly management teams.

Then the manager constructs a portfolio of stocks from a list of companies favored by the research team and allocates capital based on its conviction level.

The portfolio holds securities of between 15 and 50 issuers, and may have significant exposure to a small number of sectors or industries from time to time.

The fund invests in at least three different countries.

Also, the fund invests at least 40% of its net assets in securities of issuers organized or having their principal place of business outside the U.S. or doing a substantial amount (more than 50%) of business outside the U.S.